Secure Information Vault for Escrowing Digital Property
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Solution Overview
Problem
There is a lack of secure mechanisms for securely escrowing digital intellectual property and tangible assets between two parties, particularly during transactions and negotiations, which poses risks of unauthorized access and loss of financial opportunities.
Innovation Solution
A method and system for securely escrowing digital data using a secure information vault, where escrow parameters are set, including conditions for data release and a recipient, with a contract stored in a database, ensuring data is released only when specified conditions are met.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If digital data is stored in a secure information vault with escrow parameters, then security and control over data release are improved, but system complexity increases due to contract management and condition verification mechanisms
Solution Approach 1:
The patent introduces a trusted third-party information vault as an intermediary between data owner and data recipient. The vault holds escrowed data and only releases it when predetermined conditions are met, eliminating the need for direct trust between parties and providing automated condition verification through smart contracts.
Solution Approach 2:
The system requires all escrow parameters, release conditions, and recipient information to be specified and locked in advance before data is deposited. This preliminary configuration of release criteria ensures that data can only be accessed under pre-agreed circumstances, enhancing security while automating the verification process.
2Reliability
If escrow parameters and release conditions are strictly enforced, then protection against unauthorized access is improved, but ease of operation deteriorates due to complex contract setup and condition specification
Solution Approach 1:
The information vault operates as an automated self-service system that verifies escrow release conditions without requiring human intervention. The system automatically checks whether predetermined conditions are met and releases data accordingly, reducing operational complexity while maintaining strict access control.
Solution Approach 2:
The patent combines multiple functions into the escrow contract: data storage, condition specification, automated verification, and release authorization. By merging these functions into a single smart contract mechanism, the system simplifies the user interface and operational流程 while maintaining robust security controls.
3Loss of energy
If the system monitors and verifies release conditions, then loss prevention is improved, but use of energy increases due to continuous monitoring and verification processes
Solution Approach 1:
The information vault employs periodic monitoring of escrow conditions rather than continuous verification. The system checks whether release conditions are met at predetermined intervals or when specific triggering events occur, reducing computational energy consumption while maintaining effective loss prevention through timely condition verification.
Data Source
AI summary
Digital data can be escrowed by receiving escrow parameters including a condition(s) for releasing the escrowed data, and an escrow recipient. An escrow contract is then created based upon the specified escrow parameters. The escrowing further includes storing the digital data in a secure information vault, and storing the escrow contract, along with a pointer to the stored data, in a database. When the condition has been satisfied, the data is released to the escrow recipient. The condition(s) for release can be a payment sum, a date, an indication from a depositor, a trustee or a vault administrator, and/or fulfillment of another escrow contract.